Car insurance rates are increasing day by day almost in all parts of the world. Especially in Canada they are increasing gradually. In Ontario car insurance rates are biting a large bite from people`s bread. For a laborer it is challenge to pay insurance premium. If a factory worker is earning $2000. He cannot afford a car because with a new license in Ontario, more specifically in Peel Region, he might be paying premium up to $500, which is 25% of his income. On top of that life insurance, disability insurance, critical illness, RESP, children education plan, etc. are also to be paid. So if we add all insurances it may go to 50% of a laborer’s income. I think this can also be the reason of shortage of labor market in Canada.
Public transit is good, but everyone is running out of time. If you commute to work on public transit it may take to an hour each side where it can be 15 minute drive by car. Still considering insurance, environment, emissions, traffic, road safety, vehicle maintenance, weather conditions, parking fees, toll roads and road conditions it is better to invest your time in public transit. Governments, also investing more and more in public transit.
Car and truck insurances are almost same if we consider the percentage of our income we pay in insurance premiums. Trucks come under commercial insurance. On an average basis minimum commercial insurance premium is $1000. Depending upon the freight, province and record of trucking company, fleet insurance rates vary. Fleet insurance rates in Ontario are compatibly higher than other provinces. Now a day’s more people are looking to insure smaller fleets, because everyone is thinking of to have their own dispatch and contracts. People are also looking for minivan insurance, sprinter and single truck insurance. All depends on trends in auto insurance, market and premium value will travel along the trends.
CAR INSURANCE BUYING GUIDE
Buying a cheap car insurance is a good journey to travel. But it is not as easy as it looks. Considering the premiums you are going to pay every month, you should give plenty of time to shop around.
CHOOSE THE RIGHT CAR
It is very important to compare the insurance prices for different cars. Their insurance rates vary according to car safety features, manufacturer, design of vehicle, crash test-scores, accessories on vehicle according to region and weather, etc. Hyundai Accent is great small car in North America which is winner on cheap insurance premiums. Choose the car according to your needs. Using seasonal tires also give good discount in premiums.
SHOP LOCAL AND ONLINE INSURANCE BROKERS
It is challenge is to shop around local and online insurance brokers. Some companies like belairdirect, broker link, all state insurance, novex insurance, five star insurance brokers etc. provide good options for new, experienced and even for high risk drivers. Now days you can compare quotes online.
TYPE OF COVERAGE
Check but you need exactly like third part insurance coverage, full coverage and comprehensive coverage. Some insurance companies provide only fire and theft protection that you may need for the vehicles not in use, for instance you are away from country for months. Usage based car insurance policy is also a good option.
DEFENSIVE DRIVING COURSE
Defensive driving tips and techniques help in reducing insurance premiums. Some companies install a device in car to monitor your driving habits. They assess your driving and provide discount accordingly. So if you are driving defensively you can save more on premiums.
PREMIUM PAYMENTS
All insurance companies keep the payment history and make your profile accordingly. Some insurance companies provide discounts if you pay in advance. It is better to set up auto deposit to avoid overdue and missing payments.
HOME AND AUTO INSURANCE BUNDLE
Bundling up your insurance package is also great option to save. It is cheaper sometime to buy together then individually. Adding your motorcycle insurance, RV and all drivers in one policy saves more on premiums. You can also choose higher deductible insurance options.
INSURANCE RECORD
If you stick with one insurance provider for years you may get some good discounts. Some insurance companies provide discounts on basis of your profession. Your license class also plays a great role in reducing insurance premiums. Keep you record tickets free, you will enjoy low premiums.
PROFESSIONAL ASSOCIATIONS
You will get cheaper rates if you are professional truck driver, lawyer, doctor or engineer. Ask your advisor for discounts on profession basis. You may be eligible for good discount if you are a member of any professional association.
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